The National Unity Government (NUG) of Myanmar, an unofficial government led by the supporters of the former state counselor of Myanmar Aung San Suu Kyi, has declared Tether (USDT) an official currency of the country.
In Myanmar, a coup d’etat by the country’s military forces in February detained leader Aung San Suu Kyi and former government officials. After that, NUG was formed as a coalition of civilian government leaders exiled by the armed forces and pro-democratic movement groups.
In September, the NUG declared war on the military government ‘Junta’ that seized power as conflicts between the military government and the locals continued to arise. The NUG’s adoption of Tether also served as a backdrop in light of the revolt against the coup, which declared cryptocurrencies illegal in May.
As per reports by Bloomberg, the shadow government seeks to raise funds for the campaign that aims to overthrow the current regime. It also raised $9.5 million through the sale of “Spring Revolution Special Treasury Bonds”, interest-free bonds that are worth about $1 billion.
NUG Finance Minister Tin Tun Naing said that Tether, a stablecoin backed by US dollars, will be used for “domestic use to make it easy and speed up the current trade, services, and payment systems.”
It is unclear if the country’s citizens will accept the statement since the NUG is not currently in power. However, in Myanmar, the value of fiat currency ’Kyat’ has continued to decline ever since the military took over the civilian government.